Core Viewpoint - Feinan Resources, a leading hazardous waste disposal and recycling company in the non-ferrous metal sector, was listed on the Shenzhen Stock Exchange on September 21, 2023, showcasing its full industry chain advantages [1] Group 1: Business Performance - In Q3 2025, Feinan Resources achieved a revenue of 10.707 billion, ranking 2nd in the industry out of 35 companies, surpassing the industry average of 3.334 billion and the median of 2.4 billion [2] - The net profit for the same period was 217 million, placing the company 17th in the industry, below the average net profit of 369 million and the median of 213 million [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio for Feinan Resources was 62.30%, an increase from 60.88% in the previous year and above the industry average of 50.06% [3] - The gross profit margin was reported at 6.28%, down from 8.16% year-on-year and significantly lower than the industry average of 25.02% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 50.10% to 16,700, while the average number of circulating A-shares held per account decreased by 6.73% to 8,416.41 [5]

Core Viewpoint - Zijin Mining is a significant player in the global mining industry, focusing on mineral resource exploration and development, with a strong financial performance in 2025 Q3, ranking second in revenue and first in net profit within its industry [2][3]. Financial Performance - In Q3 2025, Zijin Mining reported a revenue of 254.2 billion yuan, ranking second in the industry, while the top competitor, Jiangxi Copper, achieved 396.05 billion yuan [2]. - The net profit for the same period was 45.7 billion yuan, leading the industry, with the second-place Luoyang Molybdenum reporting 16.49 billion yuan [2]. Profitability and Debt Management - The company's debt-to-asset ratio was 53.01% in Q3 2025, lower than the previous year's 55.38% and below the industry average of 54.12%, indicating improved debt management [3]. - Zijin Mining's gross profit margin was 24.93%, up from 19.53% year-on-year and significantly higher than the industry average of 10.36%, reflecting strong profitability [3]. Executive Compensation - Chairman Chen Jinghe's compensation for 2024 was 7.4752 million yuan, a decrease of 574,000 yuan from 2023 [4]. - President Zou Laichang received 7.2376 million yuan in 2024, down by 802,100 yuan from the previous year [4]. Shareholder Information - As of June 30, 2013, the number of A-share shareholders decreased by 1.30% to 893,900, with an average holding of 17,700 circulating A-shares, which increased by 1.31% [5]. - By September 30, 2025, major shareholders included Hong Kong Central Clearing Limited and China Securities Finance Corporation, with notable reductions in holdings for several ETFs [5]. Production and Cost Management - According to Zhongtai Securities, Zijin Mining experienced increases in both volume and price for its main products in the first three quarters of 2025, with stable cost management [6]. - The company is expected to achieve net profits of 51.4 billion, 66 billion, and 70.5 billion yuan from 2025 to 2027, maintaining a "buy" rating [6]. Market Outlook - Galaxy Securities noted that the gold segment contributed significantly to performance growth in Q3 2025, with increased production and sales prices for various mineral products [6]. - The company is projected to achieve net profits of 51.7 billion, 68.1 billion, and 75.2 billion yuan from 2025 to 2027, sustaining a "recommended" rating [6].